There is no shortage of work for exploration companies in WA amid the gold price boom. (Facebook: Topdrill)
Investment in gold exploration in Australia is at an all-time high, data shows, and a major drilling contractor is reporting "unprecedented demand".
There was $1.93 billion spent on gold exploration in Australia during the 2025-26 financial year, of which $1.57 billion was invested in WA.
The resources sector is concerned about how changes to capital gains tax will impact investment in Australia's highly speculative exploration industry.
A gold rush is being reflected in figures released today by the Australian Bureau of Statistics (ABS) that show $1.57 billion spent on exploration in Western Australia alone.
It comes after the Australian dollar gold price hit an all-time high of $7,688/oz in January. Earlier today it was trading at $6,236/oz.
The figure represents a decent increase on the 24/25 financial year of $1.03 billion.
In WA's gold heartland, one drilling company in particular is experiencing "unprecedented demand" amid an ongoing boom in mineral exploration.
The fortunes of the Kalgoorlie-based Topdrill have risen alongside metal prices and today it ranks among Australia's biggest drilling contractors, with more than 550 workers on its payroll.
Tim Topham hates the word "boom", but there's no doubt about the level of demand. (Supplied: Topdrill)
Founder Tim Topham, who started 20 years ago with a single drill rig and two employees, is set to take delivery of a 43rd drill rig in coming weeks.
"We're seeing the flow-on effects of Trump's behaviours and the gold price boom — it's something that's very real," he said.
"I hate the word 'boom', but this period of buoyancy has been really elevated. It's a pretty exciting time."
Signs pointing to the location of a working drill rig are a constant reminder of increased exploration activity in the Goldfields. (ABC Goldfields: Jarrod Lucas)
The ABS data shows the bulk of Australia's investment in mineral exploration is being directed towards gold, with $1.93 billion out of a total of $4.27 billion dedicated to the search in the 2025-26 financial year.
